No not really, Zelda lacks Morrigan's acrobatic abilities, and in fact I would say she uses technology more than magic with the missles and jet boosters and whatnot, did you even play Darkstalkers?
Yes I have. I am aware of what her tools are; but, I feel that in a smash setting, she is better suited with magic compared to anything else that is provided. I'm in the pmbr, so I only play Project:M when it comes to my Brawl disc. And with ZSS's slight changes, I feel that she isn't very suited with a Morrigan model. I'm just kind of biased that way.